![Bahrain’s GFH Financial Group posts $60.75 million in H1 2024 Bahrain’s GFH Financial Group posts $60.75 million in H1 2024](https://mea-finance.com/wp-content/uploads/2023/11/GFH-Financial-Group-posts-78.9-million-in-nine-month-profit.jpg)
Bahrain’s GFH Financial Group (GFH) said its profit in the three months to March 31 rose by 13.03% to $27.14 million compared to $24.01 million for the same period a year ago, driven by the growth in the group’s investment banking, treasury and proprietary investment activities.
Earnings per share for the quarter was $0.77 compared with $0.72 in the first quarter of 2023. Total income was $162.97 million in Q1 2024 compared to $105.06 million for the corresponding period a year ago, an increase of 55.13%.
“Gains made during the quarter are the result of further growth and enhanced contributions from our investment banking business and treasury and proprietary investments, as well as healthy income generated from our commercial banking activities,” said Hisham Alrayes, the CEO and Board Member of GFH Financial Group.
“During the quarter, we successfully made and placed new investments in recession-proof sectors and high-growth regional and global markets, worked to maximise the value of our existing portfolios, and secured several well-timed and profitable exits.”
Alrayes said GFH Partners closed additional new investments in the US in our key medical clinics and student housing sectors for $450 million, as well as in the fast-growing electrical infrastructure services sector.
The group CEO also highlighted that the bank generated solid income from the partial sale of its stake in Gulf Holding Company and a 25% stake in Khaleeji Bank.
Consolidated net profit for the first quarter was $30.34 million, a 24.14% increase compared to $24.44 million in Q1 2023. Total equity attributable to shareholders was $955.67 million as at March 31, 2024, down 3.42% from $989.54 million in December 2023 due to the distribution of dividends for financial year 2023.
GFH’s total assets stood at $10.55 billion in the January-March period, a 5.13% decrease from $11.12 billion as at December 31, 2023. The banking group manages more than $20.6 billion of assets and funds including a global portfolio of investments in logistics, healthcare, education and technology in the MENA region, Europe, and North America.